Ministry of Oceans and Fisheries Provides Operating Deficit Support for 8 Routes Including Gageodo

Selection of Routes for Semi-Public Operation System of Coastal Passenger Ships

[Sejong=Asia Economy Reporter Moon Chaeseok] The Ministry of Oceans and Fisheries announced on the 7th that it has selected eight coastal passenger ship routes for the 'Quasi-Public Coastal Passenger Ship System' project, which provides government operational cost support to shipping companies operating routes in island areas with low profitability.

The Quasi-Public Coastal Passenger Ship System is a project in which the government and local governments support the operating deficits of routes operated by private shipping companies that have increased frequency to enable same-day travel between island areas and the mainland, or routes that are continuously running at a loss and at risk of being discontinued. Since 2018, the Ministry of Oceans and Fisheries has been promoting this project and has supported operating deficits for a total of 17 routes with 9.2 billion KRW.

For next year's Quasi-Public Coastal Passenger Ship support project, out of a total of 14 routes that submitted applications, four routes establishing a one-day living zone for Gageodo, Baengnyeongdo, and Geomundo, and four continuously deficit routes around Yeosu, Mokpo, and Tongyeong were selected, totaling eight routes. For routes establishing a one-day living zone, the government supports 50% of the deficit for additional operating routes, and the respective local governments cover the remaining 50%. For continuously deficit routes, support is provided up to 70%.

Byun Hyejung, Director of the Coastal Shipping Division at the Ministry of Oceans and Fisheries, said, "We will actively promote the Quasi-Public Coastal Passenger Ship project to further expand maritime transportation rights for island residents."

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